Paramount officially finalized its $110 billion acquisition of Warner Bros. Discovery on October 6, 2026, forming a new media conglomerate named Skydance. CEO David Ellison hailed the closing as a historic moment, with Skydance shares debuting on the stock market under ticker “SKYD,” while Warner Bros. shares ceased trading. This merger combines two major media powerhouses, uniting film studios, television networks like CNN, CBS, and HBO, and popular streaming platforms including Paramount+, HBO Max, Pluto TV, and Discovery+. The deal follows a protracted regulatory and legal battle, with states challenging the merger on antitrust grounds before settling last month, clearing the way for completion.

Skydance has taken control of a vast portfolio of assets without requiring any divestitures. The combined entity oversees notable film studios such as New Line Cinema, Miramax, and DC Studios. It also manages a diverse range of cable channels like Animal Planet, Comedy Central, MTV, and Showtime, alongside major entertainment franchises including Harry Potter, Game of Thrones, Lord of the Rings, Mission: Impossible, and Star Trek. Despite merging leadership, key divisions like CNN and CBS News will maintain operational independence, and HBO Max and Paramount+ will remain separate streaming services at least for the near future.

Leadership for the integrated company includes Mattel CEO Ynon Kreiz as co-CEO alongside Ellison, with several Warner Bros. executives, including HBO chief Casey Bloys and CNN Editor-in-Chief Mark Thompson, joining the ranks. Some prominent Warner Bros. figures such as Michael De Luca, Pamela Abdy, and former CEO David Zaslav exited, with Zaslav reportedly receiving a $550 million exit package. While the company projects strength and expanded storytelling capability under this new structure, Skydance faces significant challenges managing nearly $80 billion in debt, something that will necessitate major cost-cutting measures, including layoffs.

The merger has generated strong criticism from Hollywood industry groups who fear it will dampen creative competition, reduce jobs, increase prices, and constrain independent journalism. More than 1,400 filmmakers previously signed a letter opposing the deal, and a coalition called Block the Merger warned of long-term negative impacts. A federal judge approved the merger settlement despite these concerns. Paramount must now meet conditions including producing a set number of films annually and establishing an independent editorial board for CBS and CNN to oversee news operations, addressing worries about media influence under Ellison’s ownership.